WTI crude futures settled 1.5% higher at $75.45 a barrel on Monday, the highest level since July and extending gains for the fifth day amid supply concerns and prospects of higher demand. Disruptions in US Gulf Coast production following Hurricane Ida and other storms led to sharp draws in US and global inventories. EIA data showed US crude stocks fell 3.5 million barrels to 414 million last week, the lowest since October 2018. Meanwhile, demand is expected to pick as coronavirus restrictions ease. Also, expectations of a spillover impact from surging gas prices are also pushing oil prices up, as inventories of the heating fuel are low, especially in Europe.
